Car in IVA

[n_b]

Hi Guys ,

told one of my friends today I was entering IVA !!! she said i've been in one for 3 years Such a SHOCK!!!!
But anyway the point is she said my car will get reposessed on HP as I will be in breach of my agreement is this true because myself and Hubby have cars on HP and neither of us can get to work if this happens???no payments missed on either hubbies 10 months to go and I have 36 months left... she had hers repo'd

what should I do ?

Nicki

[MelanieGiles]

So long as the car can be justified and the repayments are reasonable, then there is no reason why you will not be able to keep the car. Technically you may be in breach of the agreement, but rest assured that hire purchase companies do not want a mountain of second-hand cars on their forecourt - they want you to continue making the payments!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[n_b]

Melanie,

So what your saying is as long as payments are upto date with HP company they shouldn't terminate the agreement.... why would my friends have been repo'd then she said it was as she had declared herself insolvant she could not have a vehicle.

Nicki

p.s did all my paperwork arrive ok

[MelanieGiles]

I will get one of the girls to ring you tomorrow re your paperwork.

I cannot comment on your friend's experience - were they in arrears with their payments perhaps? I have never known a car HP company seek to repossess a vehicle if someone is in an IVA - as I said they are more interested in getting their instalments paid.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[n_b]

Melanie,

as far as I know no she wasn't in arrears but maybe she was because did not know she was in an IVA,.. what does seem strange though is she works shed loads of overtime and doesn't have to pay any more into IVA, she never provided wageslips and told me she just told them a basic wage figure ... she may be lieing but I don't know she sounded really convincing.. she is with Debtmatters ?? she knew all the jargon etc...

Ok will speak tomorrow to girls tomorrow Thankyou x

[BECKY]

Hi my car is on hp and ive been in my iva for a yr now. Ive never had any problems with the hp company over my iva as long as you pay on time you should be ok. my car hp was only £2000 though so maybe the amount of hp your friend took out has some bearing on their situation

[n_b]

Hi Becky,

Yes it was an expensive car 206cc that may be why...

Thanks for the reply

Nicki

[MelanieGiles]

As I always say - beware "barrack room lawyers". Take advice from your own IP, ask as many questions as you need to, and rest assured that they would not put you through something like this is they did not understand and know the marketplace and creditor requirements thoroughly.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk